Commodities

News & Analysis as of

The Financial Report - Volume 4, No. 14 • July 2015 (Global)

US lawmakers seek push out details. US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more

SEC Settles Unregistered Broker Charges Tied To Offering Fraud

The SEC entered into partial settlements with three persons charged with acting as brokers without registering. The charges were tied to an offering fraud which centered on selling interests in a firm that claimed to be...more

Drop in Commodity Pricing, Liquidity Drives ‘Upstream’ Bankruptcy Filings

What are the characteristics of the energy companies that are seeking bankruptcy protection at this point in the current cycle? A: With respect to “upstream” sector companies that have sought bankruptcy protection over...more

CFTC Division of Market Oversight Holds Roundtable to Assess the Made Available to Trade Process

On Wednesday, July 15, 2015, the Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight (“DMO”) hosted a public roundtable to discuss the process to determine whether a swap must be executed on an...more

New UK Financial List for Resolution of Complex Financial Disputes

The UK is to introduce a new means of resolving high value or complex financial disputes, to be known as the Financial List. This will be a specialist list for the following types of claims: - Financial claims of £50...more

CFTC Proposes New Approach to the Cross-Border Application of Margin Requirements

The US Commodity Futures Trading Commission (“CFTC”) has taken another step in refining its framework for cross-border activities, with a new set of proposed rules applicable to the cross-border application of margin...more

"CFTC Proposes Rules for Cross-Border Application of Uncleared Margin"

The Commodity Futures Trading Commission (CFTC) recently proposed rules1 to address the cross-border application of margin requirements for uncleared swaps for swap dealers and major swap participants not subject to...more

CFTC Issues Proposed Rules Regarding the Cross-Border Application of its Uncleared Swaps Margin Requirements

On June 29, 2015, the Commodity Futures Trading Commission (“CFTC”) issued proposed rules (“Proposed Rules”) regarding the cross-border application of its proposed uncleared swaps margin rules issued last October. The...more

Investment Funds Update - Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

AIFMD - Updated Q&A from ESMA - On 12 May, ESMA issued new Questions and Answers of the application of the AIFMD, including new questions and answers on reporting and calculation of leverage. The revised Questions...more

Boom, borrow, build, bust–and bounce? The fortunes of the mining and metals markets may have shifted up and down in recent years,...

Amid ongoing realignment in the mining and metals markets, industry participants have already begun seeing and seizing extraordinary opportunities—including those created by companies reacting to the boom-bust cycle. In...more

Landmark Supreme Court ruling on default clauses and damages: Bunge SA v Nidera BV

The decision has been long awaited. In its landmark unanimous ruling handed down on 1 July 2015, The Supreme Court laid down clear guidance on the assessment of damages arising out of a wrongful repudiation of a contract for...more

AMF Publishes Reporting Obligations and Position Limits for Derivatives on Agricultural Commodities to Commence July 1

On June 15, the Autorité des Marches Financiers (AMF) published a statement that the reporting obligations position limits for agricultural commodity derivatives proposed in the Separation and Regulation of Banking Activities...more

Updated: CFTC Clarifies Regulation of Forward Contracts with Embedded Volumetric Optionality

With recent release, the CFTC hopes to eliminate market uncertainty on forward contracts with embedded volumetric optionality. UPDATE (June 18, 2015): On May 12, 2015, the CFTC adopted the Proposal as proposed (as used...more

The UK’s Fair and Effective Markets Review

On 10 June 2015, the Bank of England (“BoE”), HM Treasury (“HMT”) and the Financial Conduct Authority (“FCA”) published the final report on the “Fair and Effective Markets Review” which had been launched one year ago with the...more

Bridging the Week - June 2015 #4

Investment Adviser Chief Compliance Officer Blamed in SEC Lawsuit for President’s Theft of Client Funds; SEC Commissioner Criticizes Enforcement Actions Against CCOs Generally - The Securities and Exchange Commission...more

Corporate & Financial Weekly Digest - Volume X, Issue 24

In This Issue: - SEC Denies Motion to Stay Regulation A+ - SEC Requests Public Comment on ETPs - CFTC Further Extends Valuation Data Reporting Relief for SDs and MSPs - Eleventh Circuit Upholds...more

UK Regulators Address Manipulation of Trading Benchmarks and Other Misconduct

Concluding a year-long review, UK regulators issued the final report of the Fair and Effective Markets Review Committee last week, making a number of recommendations intended to restore confidence in the trading markets for...more

Can “Bad Actors” Wave Goodbye to SEC Waivers?

The SEC has been thinking harder before waiving automatic disqualifications that the federal securities laws and regulations impose on so-called "bad actors." Without such waivers, companies may be barred from, among...more

Fair and Effective Markets Review Publishes Final Report

On June 10, 2015, the Fair and Effective Markets Review (FEMR), established by the Chancellor in June 2014 to conduct a review of fixed income, currency and commodity markets, published its final report. The report contains...more

Bridging the Week - June 2015 #3

UK Fair and Effective Markets Review Calls for Upping the Standards in UK and Global Fixed Income, Currency and Commodity Markets: The Fair and Effective Markets Review issued 21 recommendations to “restore trust” in...more

Fairer and More Effective Fixed-Income, Currency and Commodity Markets?

At the annual Mansion House speech to the City on Wednesday, 10 June, Bank of England (BoE) Governor Mark Carney announced an end to “the age of irresponsibility”. Shortly before the Mansion House speeches began, the...more

LEAP 3.0: The Streamlined and Updated Master Agreement

The Leadership for Energy Automation Practices (“LEAP”) published its new master agreement, the LEAP Master Agreement for the Purchase and Sale of Physical Commodities Version 3.0 (the “LEAP 3.0”) on June 10. This agreement...more

Fair and effective markets review: the recommendations

On 10 June 2015 the Final Report of the UK’s Fair and Effective Markets Review (FEMR) was published setting out the conclusions of the review and recommendations as to how to improve the wholesale fixed income, currency and...more

Are your sponsorship and hospitality controls enough to satisfy the FCPA? Maybe not

On May 20, 2015, the US Securities & Exchange Commission (SEC) settled an administrative proceeding with global mining /commodities producer BHP Billiton, resolving allegations that the company violated the books and records...more

Bridging the Week - June 2015 #2

NYDFS Issues BitLicense Framework for Regulating Virtual Currency Firms - The New York State Department of Financial Services issued final regulations requiring a so-called “BitLicense” and establishing minimum...more

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